Our Father’s Day Gift Idea? Talking with Dad About His Future
by Meredith Morris
June 14, 2019 .3 min read
For years your dad has shown up to you. He was there for every graduation, coached your sports teams, lifted you up, and has been honest with you even if that meant giving you a little bit of tough love at times.
Now it’s time to show him how his influence and guidance has shaped you into the person you are today. Yes, get him that Father’s Day card and take him to dinner. But this year, take it a step further and talk to him about his future.
What does he have in mind in what lies ahead? And what will it take to make sure he's in the best place possible?
Here are some bullet points to bring up during your discussion:
Preparing for Retirement
If your dad hasn’t retired yet, then he might be thinking of all that retirement holds, including making sure he has the money for the bare necessities and then to sustain the life he desires for his golden years. Sit down with your dad this Father’s Day and ask him about it.
There might be ways for you to help your dad, like figuring out how to put more money aside for retirement or at what age he would ideally like to retire.
During this convo, be sure to ask if your father has his non-financial retirement plan mapped out. This type of retirement plan looks into the lifestyle he plans to live after retiring. If not, get the conversation going by asking some of the following questions:
Will you still need/want to work?
Where will you live?
What will you do with your time?
At first glance, it might not seem like you can help a lot with your dad’s retirement, but having this conversation will get everyone thinking about what can be done so that your dad can enjoy his season of retirement, regardless of when he lives that.
And if your father is near retirement, it's a great time to consider tidying up his finances. The best way to get this conversation going is by asking him:
Does your financial plan bringing you joy?
Important Financial Things
Making sure that you can financially support yourself and your family or any other dependents throughout your retirement is only one piece of the puzzle.
What happens if there is an accident and someone needs financial support to meet these new needs?
What happens if a loved one passes away?
Of course, these questions seem scary right now, but you can help your dad make sure that in the midst of a potential tragedy, he is prepared financially.
According to a 2017 AARP study, six in ten U.S. adults did not have wills.
It’s important that heading toward his future, your dad considers the tough but necessary decisions like life insurance options and creating a will.
Does he know who has power of attorney to make important life decisions if something were to go wrong?
Remember, many retirees also still have financial obligations such as the mortgage on a second home and can become burdensome if a spouse passes.
So having your father consider life insurance (if he doesn’t already have it) can help to ensure that:
His spouse is protected
His estate will be passed on, intact, to his survivors
A legacy can be provided to his children and grandchildren, even if he used up most of his assets during his lifetime.
With that, talk to your dad about the best security for his financial future. He might have more planned than you think, but he’ll be so happy that you asked.
His Hopes & Dreams
You don’t have to be young to have a bucket list full of hopes and dreams!
Talk to your dad about what he wants his future to look like. He might want to travel the world, move to a warm place, or simply enjoy a lot of quality time with his friends and family.
Knowing what your dad’s dreams are will allow you to understand how you can help him financially plan for his future.
So, sit down with your dad this Father’s Day and talk to him about what he wants for his future. It doesn’t cost much and he will truly be touched to know that you care about him in this way.
Meredith is a Philadelphia native with a bachelor’s degree in Integrated Marketing Communications from Duquesne University and has worked in digital marketing for over seven years. She’s passionate about writing to women to help them feel more confident in their financial lives.